So What? I’m only $40 Million Short

These are the words of Anshul Rustagi of Deutsche Bank. Anshul trades, or traded, derivatives called collateralised debt obligations (CDOs) and forged his trades to make it appear he had made an extra 30 million pounds. Because CDO’s are hard to value, the discrepancies weren’t noticed on the first go around. CDO’s have no definite value so how they are priced is different for every company that trades them. They have been called “toxic waste” by some and “financial weapons of mass destruction” by Warren Buffet because of this. Although there is nothing to be gained by Rustagi because the money is not his to keep, bonuses are due soon and as well all know the big money is in the bonuses. Here’s your bonus, you’re fired and you’re lucky you’re not going straight to jail. Info on the story taken from the TimeOnline.